First of all, a lender does not report a vehicle as a repossession until they actually have possession of the vehicle. Then immediately via computer the code is entered and authorities notified. The credit reporting company may be a little slow getting the repo on your report however, but any new lender is going to check your report before giving you a new loan. After a vehicle is repo'd you usually have a few days prior to sale of that vehicle, to get the vehicle back if you pay the account current plus any repo expenses if it was a voluntary repo. If it was not voluntary, and the lender had to take the vehicle, they probably will not redeem the vehicle back to you, but it never hurts to ask.
7 years if there is no "new action" on the particular account. "New action" means if you were to start paying on it or if the financier were to get a Court judgment on the loan. By the way.......A voluntary repossession (turning in the car before it go to collections) is the SAME as a regular repo. It will be listed on your credit in the same manner unless tou have negotiated a new termination clause wiyh the lender.
AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.
The way it is reported is the decision of the credit reporting bureau. It might be listed in different ways on individual reports. Generally it will remain on the report as a " settlement",not as a "satisfied in full."
If the lender has no legal claim against you, that is if you were not a guarantor on a loan (maker or comaker), then the listing on your credit report is in error. You must request its removal in writing to the lender who has listed it and to the credit reporting agency who has it listed. They will have thirty days to either substantiate the debt and its listing, or have it removed.
What is a repo? Repossession occurs when a contract is in default and the lender takes possession of the secured collateral.IF your situation doesnt fit that description, call an attorney NOW. Roosta, yes I meant "repo" to mean repossession. The lender had my car for 3 days. I paid what I owed to get my car back and paid for 1 1/2 years. I still own the car. It has been paid in full for 2 years. But when I made the last payment in Dec of 2001, they list it as a repossession. But the so called repossession happened in Feb or 2000. Like I said they had my car for 3 days. I didn't realize they had it listed as a repossession until recently when I tried to get some credit for a new car. I have filed a dispute with each credit reporting agency, but I have to wonder if they will take if off.
Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.
You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
No, having her listed as an authorized user will have no impact on your credit score.
It is a blackmark on you credit for a number of reasons. Each month that the loan is in force there is a record listed to the credit bureaus for each payment made on time or late. So if the car is going back to the leinholder there is generally late payments that will significantly affect your credit rating. Also once a loan is listed as a voluntary repossession as in this case it will show the negative information as well as a balance that is still owed. This is very important to know. The bank (lender) will more then likely sell the car at auction after they take it back. So say your loan is still for 10,000 and the bank sells the car for 7,000. You are still responsible for the 3,000 and they will come after you to collect that even though you no longer have the car. All of that will also be reflected on your credit reports assuming that they report to the three major credit reporting agencies.
Nothing unless you receive a clear title of ownership from the lender.
In theory, anyone can be listed on the title to a home. That is a totally separate issue from the lender reporting the payment history to the credit bureaus. I am a mortgage broker and based on your question, I have no idea how your credit score vould be improved WITHOUT you being on the loan. Why are you not on the mortgage but on the title? That gives you a lot of power over that home without any liability.